HP Inc. now expects 4,500 to 5,000 employees to leave the company by the end of fiscal 2019 as part of an ongoing restructuring plan, the PC maker said on Tuesday.
In October 2016, HP's board had approved a restructuring plan to be implemented through fiscal year 2019, under which it had expected around 4,000 job cuts. In May, the company said it expected that number to increase by 1 to 2 percent.
The company employed 49,000 people as of October 31.
HP, formed in 2015 when the then Hewlett-Packard Co was spilt into two, said in a regulatory filing. It now expects pretax charges of about $700 million related to the layoffs, compared with about $500 million forecast earlier.
HP estimates that about half of the expected pretax costs will relate to severance and the remaining costs due to infrastructure, non-labor actions, and other charges. read the rest here